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Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
 After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only a day after the journey of our National football team reached its own end at the World Cup.
Last week was a bit more upbeat following the visit of China’s Premier, Mr. Li Keqiang, as the two nations signed shipping, trade and energy deals worth close to $4bn.
China Exim Bank raised its Greek shipping portfolio to $1.3bn and is pacing itself for increasing its exposure in the world’s largest shipping market. It finally seems that Chinese lenders cannot ignore the fact that Greek-owned ships carry 60 per cent of oil, iron ore, coal and other commodities imported by China. ICBC and CDB managed to also raise eyebrows during the same week; especially the latter and its mammoth loan agreement with Costamare for $1.5bn against the owner’s new building program at Chinese shipyards. After all, Greek owners are the biggest customers of Chinese shipyards with almost 200 vessels on order, which means that alignment of interests between the two economies is needed now more than ever.
Although these steps are sporadic and do not necessarily solve the problem of the finance gap that the shipping market faces these days, they are definitely steps in the right direction for –potentially- one of the world’s largest shipping lenders in the years to come. The know-how and track record being built up is immensely significant for establishing confidence in the “name lending” particularities of shipping finance.
Undeniably, Chinese lenders are undergoing a phase of intense restructuring during the past 12 months and the ripple effects are obvious in the shipping industry –including but not limited to the- difficulty that shipyards have in obtaining both refund guarantees and construction loans for several projects. Whilst still trying to create a sustainable framework through small steps rather than a large-scale stimulus, the Chinese Central Bank’s monetary easing over the past 2 months has been positively received by equity markets.
One move towards this direction was announced last week as policy makers committed to increase the number of lenders eligible for lower reserve requirement ratios (RRR). As the Chinese economy is entering a “quasi-deflation” mode, the Central bank is focusing on reducing finance cost in the long run by allowing more and more institutions to use RRR and interest rate adjustments in the short run. These moves, although primarily designed to help the ailing housing market and farming sector, speak volumes about the government’s intention to actively address the concerns of a “hard landing”.
With the freight market still at year lows, it is almost unavoidable to look towards China for glimpses of hope. Whether growth rates will be sustained at levels which will allow healthy trade volumes and subsequently raise freight rates, seems a bit premature to judge. One thing is certain though; all policies from the present Chinese government –even the deflationary ones- have so far been towards the right direction. Although the net result might not be enough to break open the bubbly just yet, we cannot ignore the fact that it is the first week in a long time that we saw some big names in dry cargo chartering slowly coming out of their shell for period charters…
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
Thursday, 21 August 14
PREDICTIONS FROM VARIOUS SHIPPERS AND MINING INDUSTRY FOR 2ND HALF YEAR AND ESPECIALLY Q4 IS POSITIVE
Handy
The activity has increased in both hemispheres this week and we see rates edging up on all trades. TA´s are now paying around 8k whic ...
Thursday, 21 August 14
SHIP OWNERS KEEP SHYING AWAY FOR NEW SHIP INVESTMENTS, OVERALL TREND IS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have remained in the sidelines of the Sale & Purchasing market for second hand vessels, during most of August, while they also slow ...
Wednesday, 20 August 14
DRY BULK MARKET TO REBOUND IN THE FOURTH QUARTER, OR NOT....- NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The projected rebound of the dry bulk market is still an elusive trend and shipbrokers and analysts are looking to identify the timing of the loomi ...
Monday, 18 August 14
CAPESIZE RATES TO RISE TO MUCH HIGHER LEVELS THIS YEAR - JEFFREY LANDSBERG
COALspot.com: Capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been a ...
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- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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